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Skip to main content. Get directions now. Tai Seng CC11 is meters away, 6 min walk. Macpherson CC10 DT26 is meters away, 16 min walk. We're now in the third leg of this 3-year journey. So we expect to be able to execute all of the remaining initiatives by the end of the sphere journey and be able to identify the next phase of these cost transformation initiatives as we embark on more digital transformation initiatives.

We are reinvesting a part of these savings that -- to fund the digital transformation initiatives that we talked about. The table on the bar chart on the right represents the StarHub telco operating expenses. That represents significant attempts to manage and optimize our cost structure as we weather the storm from the COVID impact. This represented With that, I'll pass it back to Nikhil, who will take us through Slide So in terms of our transformation and away from cost efficiencies, our business is clearly transforming.

Number one, we are delivering market-leading customer experiences. We substantially improved NPS, automating customer support with chatbot and other tools. Number two, we went some way towards accelerating value creation. As Dennis talked about, we achieved significant cost savings through transformation while simplifying operational processes. We have recast our Pay TV content cost structure to a variable cost model.

Number three, we work towards realizing growth. Cyber grew strongly and realized better margins and consolidated ICT, which continues to grow well.

And last, enhancing digital, we are continuing our digital journey across our entire business, front to back, a leading indicator of what we believe we can do is our success with giga! Next page, please. So a little bit more on our digital transformation and a few indicators on our digital experiences. And with respect to digital processes, we automated 70 core processes with robotic process automation. Looking forward, what we want is a totally micro segmented and unique experience to each and every unique customer where they can build the packages they want with seamless digital engagement.

With this digital platform, we want to get the data we need to know our customers better and continuously adapt and evolve our product to their continuously changing needs.

This platform, run off the cloud, will accelerate our product cycle and give us adaptability and flexibility at scale. And of course, in this process, we will simplify and improve our cost position so we can keep investing.

So customer experience and enriching customer experience is our top priority. But as mentioned, we will realize cost efficiencies along the way, lower commission costs as we shift out online, a more productive retail footprint as our shops really become force multipliers for us and a whole slew of other costs from simplification, outsourcing, agile, IT and other areas.

So with that, I'd like to pass to the business units heads, firstly, Johan to cover the consumer and then to Charlie. I'm going to take you through our 3 product lines, first, mobile, then Pay TV and home broadband. As mentioned earlier by Dennis and then Nikhil, mobile witnessed a decline last year in terms of revenue. If we look at the postpaid ARPU, you can see that it actually dropped from on an average of 40 to We did see stabilization over the last few quarters, and that particular decline is -- the vast majority goes to COVID impact, roaming.

Churn rates are fairly stable, around 1. You see that the ARPU is fairly flat year-on-year, but you did see that the customer base, because of the lack of tourists, has been dropping. But last quarter, we did see an uptick compared to Q3. So that's on the mobile side. If we move to Pay TV, after the migration from cable to fiber, if we move to Page 16 on this one, the customer base has actually become rather stable.

Churn rates are around 0. The revenue decline, which we witnessed on the TV side last year, was mainly due to lower TV, commercial TV revenues and advertising spending. The last product line is home broadband. Home broadband has shown very good resilience, if you move to Page Year-on-year, it's flat.

Churn rates are respectable at 0. And actually, last quarter, Q4 compared to Q3, we did see an uptick in revenues, and we did have a one-off impact last year due to the outage in April.

So that's it from my side. And on that note, I'll hand you over to Charlie, who will give you a bit of color about the business elements. Gong xi fa cai to everyone. This is led largely by our cybersecurity business and also the consolidation of our regional ICT acquisition results from August In network solutions, while we saw deferred expenditure from some of our clients given COVID uncertainty through much of the year, we were encourage as our orders begin to recover as clients shift their focus to investing in and beyond.

We also saw an uplift, as I mentioned, in the cybersecurity business quarter-on-quarter as business demand continues to grow and as we continue to invest in our expertise and capability to meet it. Finally, in the regional ICT business, which we are reporting for the second time, we saw a tempering, given a tough 3Q compare.

There was a large transaction during the period, but would have otherwise seen a double-digit growth and things are normalized. Overall, we are pleased with the growth seen in enterprise during , given the unique circumstances that we are in. I would now hand you over to Dennis, who will talk about the guidance here.

I'm sorry, to Nikhil. So going to our guidance, we expect stable service revenue. We are not forecasting the return of better economic conditions and tourism, and hence, roaming, excess usage and prepaid, until quite late in the year.

So this cuts across consumer, enterprise and not just mobile, but also pay TV. But we do expect continued growth from cyber regional ICT. Now while we get growth -- first, while we get growth from cyber and regional ICT, this does dilute our blended margins. Number two, we do expect lower JSS payouts for the year. And number three, and very important, we will be investing in 5G and transformation initiatives, where cost is borne upfront, but returns are visible over a multiyear horizon.

And overall, we expect to maintain our dividend through the next year, albeit with an eye towards market conditions and investment requirements. So with that, in conclusion, our key priorities for are as follows: more transformation, more digital, more agile, which allows us to simplify and get more lean, a best-in-class experience for our customers, more innovation and the richest product with best digital self-serve experience and best network.

For 5G, we're laser-focused on the rollout, migration of our consumers and a focused and ecosystem approach for our enterprise business. Thank you very much. We'll now open the floor to questions. We'll go through them in chronological order. The first question would be directed to Johan. This question is from Annabeth. What is your outlook on the MVNO market as well as postpaid mobile more generally?

To confirm your point number one, yes, that is correct. That is true. Our view on the total market is that there are obviously quite a few MVNO players, and we also have our own sub brand, giga! This will continue to be a very vibrant marketplace without any doubt, and we'll do our best to make sure that we can offer a differentiated proposition and on the high NPS level, which we believe is important.

There are 2 trends in that. Number one is obviously 5G, where I saw there's also a few questions around that. So that balances is out. Hopefully, that's answering your question. And the next part of questions, what is the projected pace of stabilization in postpaid ARPUs, including uplift from the expected 5G premium?

And can we expect mobile service revenue to return to pre-pandemic levels or better? So building on what I said earlier on that one is that we see ARPUs have been stabilizing over the last few quarters, but the vast majority of the ARPU impact in postpaid is due to roaming.

So that has led to stabilization. On the 5G, what we can share with you is that we see a healthy uplift and a very encouraging uptick. On the other side, you do have more customers taking a SIM Only, so that actually basically balances it out. Until then, I would expect ARPUs to remain roughly at this level where we are today coming to the last 2 quarters what we've seen and what you've seen in our reporting as well.

The last part of your question related to our strategy in terms of driving market share, that's a forward-looking question. We do have, obviously, as Nikhil said, ambition to grow. So I would say we'll keep that open for the next time when we meet. Thank you, Johan. The next question, I would like to direct this to Dennis.

This question is from Arthur. Can we please get some color on the guidance? What are you expecting on your mobile revenues for FY '21? You seem to be guiding for lower numbers. What are you expecting for 5G adoption? So Dennis, please? So Arthur, in terms of your question, if you remember, in , the borders actually started closing only somewhere towards the end of March into April.

In this set of guidance, the assumptions behind it is that the borders will remain closed for largely the most part of this year. As a result, there is the falloff in terms of the roaming -- in terms of year-on-year impact for about 1 quarter.

So that's the assumption in this guidance. In terms of the rest of the subscription revenues and ARPUs, as Johan has articulated, we're assuming that it will remain stable. And obviously, management has initiatives in place in terms of how we're going to grow market share as well as to stabilize or -- in -- or perhaps even potentially grow the ARPUs. The next question is also for you from Paul.

This question is on cybersecurity. The first question would be, was there a lumpy project in 4Q '20 revenue? Or will this be the new run rate?

Second question would be on the 4Q cybersecurity cost of sales. It rose in line with revenue, can you explain the nature of the rise? Is this software or hardware cost purchase? Our cybersecurity services are largely professional service driven. So it has a relatively lower proportionate -- proportion of hardware and software embedded in the revenue. So the services center around cyber threat intelligence and cyber threat detections, so they are all largely professional services, which has relatively higher margins.

These are actually, therefore, the projects that were actually delivered in the second half of the year, which also goes into improving the relative gross margins that we recorded in the second half versus the first half of The core cost of sales, obviously, is in respect of the labor that would be required for delivery of these projects.

The next question, also from Paul, has to do with our cost transformation. What fixed cost has been lowered where operating leverage can be gained in ? If you look at the -- our cost transformation initiatives, we bucketed this into 3.

One is around workforce optimization, which we've completed. So a bunch of these fixed costs around the workforce rationalization has now been done. The second bucket surrounds operational efficiencies, looking at various operating leases, repair and maintenance of our networks as well as our IT systems. The third bucket surrounds content costs. And as Nikhil mentioned in his summary, we've largely converted the fixed costs that we used to pay to content providers for TV to a variable cost structure.

And this also represents a rationalization and optimization that was done in terms of that trend. And thereafter, as we embark into -- in our digital transformation initiatives in , the next phase of our cost transmission journey will begin from that side.